The government has announced six measures to cool the overheating property market, including promises to build low-cost housing and take action against developers who hoard land or push up prices. Taxation, bank credit and land policies will be used to regulate housing demand, local authorities will be held accountable for controlling property prices, efforts will be made to develop a secondary housing market, and there will be stricter requirements on disclosure of information in transactions. The move comes after homebuyers have grown increasingly annoyed at soaring prices in major cities with one Shenzhen businessman even calling for a national boycott of home purchasing over the next three years.
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